Comments | kellyfaerie: Million Dollar Raffle

kellyfaerie

Million Dollar Raffle

Feb 06, 2007 09:49

I have recently heard about California's new Million Dollar Raffle game on TV. I am very tempted to buy a bunch of tickets. The number of tickets available is limited and that means the odds are pretty good. The same set of 5,000,000 tickets will be included in 5 separate drawings for $10,000 - $1,000,000. Up to 10 tickets will be drawn at each ( Read more... )

lottery

Comments 9

gpeefalt February 6 2007, 19:30:17 UTC

Your expected return for a ticket is 10.4M (total money given away)/ 25.0M (5M tickets at $5 a pop) = 41.6% which sucks even for a Lottery game. Of course, buying in bulk gets you bonus tickets ($100 gets you 25 tickets instead of 20) this would raise your EV to around 50%, which is about normal for the Lottery.

kellyfaerie February 6 2007, 19:35:08 UTC

you lost me. i'm not so good with the math :)

Anyway, they are advertising that this game has the best odds out of all the lottery games. Is that not true?

gpeefalt February 6 2007, 20:00:39 UTC

In the sense that your chance of winning the "big prize" is better yes (1:100,000), but the "big prize" ($10,000/$1,000,000) is not as big as the SuperLotto or MegaMillions.

kellyfaerie February 6 2007, 20:07:19 UTC

eh. but like i said, i'd be happy with even less of a prize, so it's all good :)

cat333 February 6 2007, 21:32:34 UTC

Sounds good by me...I'll send you $5.00 and you and I can split it. I'd be happy with $800.00 right now...cause that would be the downpayment for a car. *smile*

kellyfaerie February 6 2007, 23:10:28 UTC

:)

It's not about having alot of money, right, its just about being able to get by. I totally understand that.

I will buy an extra ticket for you, Cat, but you don't have to pay me back.

razrangel February 7 2007, 00:05:54 UTC

I've never even heard about it. Maybe.

Heya... How can I get to come by my place and take a look at my puter and make it go? that is...it's going, just not as well as it could and there's a couple weird things afoot that I'd like to square away.

Could I bribe you with wine?

kellyfaerie February 7 2007, 00:26:59 UTC

mmm wine sounds tasty. Tonight we have a buffy rpg we're hosting at the house, but tomorrow all i have to do is go shopping for a few crafty items for a meetup i'm hosting thursday, so maybe before or after that I could stop by?

Let me know if tomorrow's ok.

And the raffle is really new. I saw it first on the superbowl commercials.

razrangel February 7 2007, 01:02:37 UTC

Tomorrow should be fine if it's after 7pm.

I keep thinking I'd like to win the lottery. But then I remember I would have to play. Without a TV I get behind the times. Even forgot the SuperBowl was on Sunday until well into the afternoon.